When will America grow weary of the Obama administration having to constantly find a silver lining in the monthly jobs reports? Wouldn’t you rather have flat-out positive employment news, as opposed to having to find a glimmer of hope in a sea of economic despair?
The U.S. economy closed out an otherwise weak second quarter by creating more jobs than expected, with 163,000 new positions added, but the unemployment rate rose to 8.3 percent.
Markets reacted positively to the announcement, with stock futures indicating gains at the Wall Street open. Economists had been expecting 100,000 new jobs.
As the country struggles to gain growth traction, the unemployment rate held above 8 percent for the 41st consecutive month, according to the latest report from the Bureau of Labor Statistics.
The silver lining of course is the statement that more jobs were created “than expected”. Roughly every job report since Obama took office has produced numbers that were unexpected. But the numbers are almost always consistently revised downwards – quietly – a month later. Case in point, this jobs report also stated, “June’s anemic 80,000 gain was revised down to just 64,000.”
Romney responded to the record unemployment numbers under the Obama administration:
“Today’s increase in the unemployment rate is a hammer blow to struggling middle-class families. Yesterday I launched my Plan for a Stronger Middle Class that will bring more jobs and more take home pay. My plan will turn things around and bring the economy roaring back, with twelve million new jobs created by the end of my first term. President Obama doesn’t have a plan and believes that the private sector is ‘doing fine.’ Obviously, that is not the case. We’ve now gone 42 consecutive months with the unemployment rate above eight percent. Middle class Americans deserve better, and I believe America can do better.”
Can we return middle class America to prosperity? Romney thinks so, we think so. Here’s the plan…
The media really wants you to believe a recovery is taking place – reality is painting a different picture.
Remember, the significant reason for the unemployment rate dropping or steadying is because people have abandoned any hope of finding a job, and have quit looking. It’s not because of job creation.
And now, read the report from the Daily Mail:
It makes for sobering reading.
In recent months the job market looked to be on the rise, offering hope that the economy might finally be getting back on track.
But data from the Bureau of Labor Statistics shows that nearly 20 per cent of America’s core workforce are out of a job.
After five years of struggles, it is a sobering reminder of how far the country still has to go.Two in 10 or 17 per cent of men aged 25 to 54 – traditionally the backbone of the workforce – are unemployed.
Just five years ago 88 per cent of prime-age men were holding down steady jobs. Going back to the 1940s through 70s more than 90 per cent were in employment.
More shocking still is the fact the number of 25 to 54-year-old men with a job (45.9 million) is actually lower than during the height of the recession, which ran from December 2007 to June of 2009.
This is noticeably omitted from Obama’s comments on the economy. It’s not just smoke and mirrors, it’s flat out number fabrication. If you earn $100 in a day, but then spend $150, you don’t have a net gain of $100. You have a loss of $50. That is what the administration does when it comes to numbers. They cite the millions that have been created, but fail to mention the millions that have been lost due to their policies.
Welcome to the Obama economic boon…
The stock market has recovered its losses since hitting bottom three years ago today. But despite gains in employment during that same stretch, America is still down six million jobs, data shows.
The economy added 227,000 jobs in February, more than the 204,000 economists expected, the Labor Department reported this morning. The unemployment rate remained unchanged at 8.3% from last month. But while the economy has added more than 200,000 jobs for three straight months, the damage to employment done by the Great Recession is still far from repaired.
Between December 2007, when the recession officially started, and February 2010, when the Labor Department’s reports show employment hit bottom, the economy lost more than eight million jobs. Between then and now, we’ve added back more than two million jobs. With that big of a gap yet to fill, it’s extremely unlikely the unemployment rate will fall to a more “normal,” pre-crisis level of 6% by the end of this year, says Robert Johnson, the associate director of economic analysis at Morningstar. A rate below 8% — last seen in January 2009 — is possible by the end of the year, however, Johnson says.
Meanwhile, Gallup still estimates the Underemployment Rate for February at 19.1%
As a result, Gallup’s U.S. underemployment measure, which combines the percentage of workers who are unemployed and the percentage working part time but wanting full-time work, increased to 19.1% in February from 18.7% in January.
For those of you (like the mainstream media) who actually believe today’s unemployment numbers are good, here’s a little rundown of why it’s nothing more then smoke and mirrors.
A month ago, we joked when we said that for Obama to get the unemployment rate to negative by election time, all he has to do is to crush the labor force participation rate to about 55%.
Looks like the good folks at the BLS heard us: it appears that the people not in the labor force exploded by an unprecedented record 1.2 million.
No, that’s not a typo: 1.2 million people dropped out of the labor force in one month!
So as the labor force increased from 153.9 million to 154.4 million, then on institutional population increased by 242.3 million meaning, those not in the labor force surged from 86.7 million to 87.9 million. Which means that the civilian labor force tumbled to a fresh 30 year low of 63.7% as the BLS is seriously planning on eliminating nearly half of the available labor pool from the unemployment calculation.
The unemployment rate had no choice but to drop because of a record 1.2 million people no longer even trying to get a job.
To put that in perspective, the only number you are going to hear today (besides 8.3%) is 243,000. That is the number of jobs added last month.
That is a whopping 957,000 less than the number of people who gave up participating in the work force! And this is good news?
That’s like me claiming to eat a lower percentage of french fries because three local McDonald’s closed their doors this month – It’s not because of better eating habits, it’s because I have a limited fry market.
So while MSNBC and the dolts over at Media Matters trumpet these unemployment numbers as a means to get their chosen candidate re-elected, consider this…
Long-term unemployment, though, remains a problem, with the duration dropping from a near-record 40.8 weeks to 40.1 weeks.
Also, the level of discouraged workers surged, rising 7 percent to its highest level since December 2010.
Job growth remains one of the two missing pieces of the recovery puzzle, even though the rate has been on a steady trek lower.
And from Gallup:
Underemployment, which is a measure that combines the percentage of workers who are unemployed with the percentage working part time but wanting full-time work, surged to 18.7% in January. This is substantially worse than the 18.3% in December and is only slightly below the 19.0% of a year ago.
In other words, job growth remains utterly pathetic and stagnant, but we’re still going to call this a recovery.
Steve at No Runny Eggs adds:
The absolute simplest definition of the unemployment rate is to divide the number of people who want a job but don’t have one by the sum of that number and the number of people who have a job. Unfortunately, since that number is often embarrassing to those in public office, it is never publicized, and indeed, has only been able to be accurately calculated since 1994.
They provide a chart that “takes everybody who is unemployed and wants a job and divides it by that number plus those who want a job.”
The 11.9% of the potential labor force who want a job but do not have one is higher than any month prior to March 2009. Worse, the Congressional Budget Office doesn’t see the future as too bright. They don’t see the number of employed returning to the first-quarter 2008 high of 146 million until the first quarter of 2015.
As for 8.3% unemployment, that’s still significantly higher than when Obama was inaugurated, and still higher than the 8% he promised it would never go above.
The shell game with this administration and their media cohorts goes on and on…